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Information Technology : Semiconductors & Semiconductor Equipment | Small Cap Value
Company profile

SPI Energy Co., Ltd. is a provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government and utility customers and investors. The Company operates through three segments: EV business, renewable energy solutions business and solar projects development business. The Company develops solar PV projects that are either sold to third-party operators or owned and operated by the Company for selling electricity to the grid in multiple countries in Asia, North America and Europe. In Australia, The Company primarily sells solar PV components to retail customers and solar project developers. The Company’s subsidiaries include SolarJuice Co., Ltd, Solar Juice Pty Ltd., Solarjuice American Inc., Sloar4america Technology Inc., Italsolar S.r.l., SPI Solar Japan G.K., Solar Power Inc UK Service Limited, SPI Solar Inc., Heliostixio S.A., Thermi Sun S.A., Knight Holding Corporation, Edisonfuture Inc., Phoenix Motor Inc. and Phoenix Motorcars Leasing LLC.

Closing Price
Day's Change
-0.0204 (-2.49%)
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(Heavy Day)

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Palantir's stock sinks after downgrade, with half of Wall Street analysts now bearish

11:59 am ET August 31, 2023 (MarketWatch)

By Emily Bary

Morgan Stanley thinks Palantir's valuation bakes in too much 'AI euphoria' relative to the fundamentals

Within the Russell 1000, only 10 stocks are rated at the equivalent of "sell" by at least 50% of analysts, and now Palantir Technologies Inc. is one of them.

Morgan Stanley analyst Keith Weiss cut his rating on Palantir shares (PLTR) to underweight from equal-weight Thursday, writing that while Palantir's valuation bakes in "AI euphoria," it will take time for the company to translate its artificial-intelligence offerings into serious revenue.

See more: Palantir's AI story will require patience, analysts say

"[W]hile bringing product to market was enough to inspire investor optimism in the past 6 months, we see the focus shifting to investors parsing out the companies that can drive revenue from these offerings in the most timely and effective ways," he wrote. "To that end, Palantir still appears very early as the company has clearly communicated that it has yet to determine a monetization strategy for its solution."

Don't miss: Why Palantir is launching into its first stock-buyback program

Palantir shares now trade at 14.6 times enterprise value to estimated forward sales, compared with 5.1 times at the end of last year, according to Weiss. That current valuation is "overly reflective of Palantir's AI promise," while the company's fundamentals are "mismatched," he said.

Weiss sees a tough setup into the second half of the year "as revenue guidance already implies an acceleration in estimated organic revenue growth (ex-strategic investments and Japan [joint-venture] contribution), which sets a higher bar for the positive estimate revision necessary to justify valuation."

Palantir shares were sliding more than 8% in Thursday morning trading and changing hands south of $15. Weiss lifted his price target to $9 from $8 in conjunction with his downgrade.

The average price target listed on FactSet is $13.73, about 8% below current levels. Of the 18 analysts tracked by the service who cover Palantir's stock, three have buy ratings, six have hold ratings, and nine have sell ratings, according to FactSet data.

Going back to 2018, Palantir has a 33.8% compound annual growth rate on sales, according to FactSet. Palantir ranks 20th among the 64 companies in the Russell 1000 RUI for which that data set is available. Its estimated sales CAGR from calendar 2023 to 2025 is 18.8%, which clocks in 26th among the 76 companies for which there are such estimates.

The company isn't yet a member of the S&P 500 SPX, but it's targeting inclusion. Getting there would require GAAP earnings on a trailing 12-month basis and GAAP profitability in the most recent quarter. The company has logged a small GAAP profit in each of the past three quarters.

Palantir shares are up 133% so far this year.

Philip Van Doorn contributed

-Emily Bary

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

August 31, 2023 11:59 ET (15:59 GMT)

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